HomeCrypto NewsInvestors Not Interested In Bitcoin At Current Prices

Investors Not Interested In Bitcoin At Current Prices

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The number of new Bitcoin addresses is declining even as institutions and whales remain on the sidelines.

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IntoTheBlock data shared by Bitcoin analyst Ali Martinez on Twitter yesterday indicates that investors are not interested in Bitcoin at current prices as the number of new Bitcoin addresses has declined by 8.16% in the past seven days.

“Data from @intotheblock shows the number of new addresses created on the BTC network has been trending down,” Martinez tweeted.”It has decreased by 8.16% in the past seven days. This network activity suggests that investors aren’t interested in buying BTC at the current price levels.”

Meanwhile, at the same, institutional investors and whales also appear to be on the sidelines as the number of large transactions on the network is at yearly lows, as highlighted by Martinez in a follow-up tweet. According to the analyst, the number of transactions valued at over $100k is around 8,040.

As recently reported, BitMEX’s Bitcoin volatility index has created a new all-time low. Since Christmas, the leading digital asset has been trading close to the $16,800 price point. While low volatility usually precedes an explosive price move, the direction and time for this move remain uncertain.

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With little buying pressure and whales and institutions currently not selling, things are at a stalemate. This could be the reason for the current low volatility. It also indicates that pressure, either way, could easily trigger a significant price move.

Traders like il Capo Of Crypto remain convinced that the price is set to go lower to at least $12k before it finds a bottom.

Notably, compared to previous bear markets, the asset’s price might still have some distance to fall despite already falling about 76% from its previous all-time high. Delphi Digital recently highlighted that the ratio was 85% in the two previous major bear markets.

At press time, Bitcoin is trading at the $16,829.16 price point, down 0.14% in the last 24 hours.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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